3.1. The relationship of exchange rates, interest rates and
the level of prices in different currencies as a base the analysis of efficiency
currency operations ............................................................ ... 72
3.2. A retrospective analysis of the efficiency of conversion
currency transactions of Russian commercial banks .................. 80

Choosing a theme of work-currency operations of commercial banks due to the active introduction of various currency transactions in the Russian banking practice, as well as due to the fact that in today's economic crisis foreign exchange transactions related to banks' main source of income. The Russian economy today remains difficult and controversial. The crisis in global financial markets that developed during the second half of 1997-1998 gg, a sharp decline in international oil prices, a major shortfall in taxes in Russia, leakage of currency abroad, the depreciation of the Russian securities market, the emergence of a negative balance of payments in Russia 1998, a significant reduction in foreign reserves, all this has a negative impact on the Russian ruble. The instability of the banking system are the very soil that supports confidence in the national currency and cause ever-increasing demand for dollars. The share of foreign currency investments in recent years, is continuously increasing. Under these conditions, the accumulation of foreign exchange reserves in Russia is of particular importance.
All this makes it necessary to improve the effectiveness of exchange control exercised by authorized commercial banks. This is especially true outflow of currency abroad.
The aim of this work is to study the features of the currency market of Russia in modern conditions, especially foreign exchange operations in the Russian banking practice, to explore issues of currency regulation, consideration of the relationship of exchange rates, interest rates and the level of prices in different currencies as a possible base for analysis of the effectiveness of foreign exchange operations as well as to conduct a retrospective analysis of the effectiveness of some types of foreign exchange transactions in the conventional examples.
To achieve these goals the following tasks that define the internal structure of the work:
1) study of the state of contemporary Russian foreign exchange market and review the prospects for its development,
2) consider the theoretical aspects of foreign exchange transactions by Russian commercial banks, their economic fundamentals, as well as the management of foreign exchange transactions,
3) Consider the relationship of exchange rates, interest ra

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